The zip code 32835 which is commonly known as Metrowest has seen a steady rise in sales for the first quarter of 2008 just as in the surrounding areas of Windermere and Dr. Phillips, but it has a heck of a lot more inventory. Some popular communities outside of Metrowest but still in the zip code include: Cypress Landing, Courtleigh Park, Westminster Landing, and Winderlakes. The current inventory of homes on the market stands at just over 36 months. Now part of this number is skewed by the bastion of condo conversions here which are extremely difficult to sell at the moment.
One of the downsides for this area in years prior were the vast numbers of apartment complexes. Many of them converted to condos during the boom years which is a step in the right direction, but now the condo conversions are driving down prices because no one wants to pay the same price for an inferior product.
Apartment construction is just inferior. Properties that were built as condos and town houses from the beginning have far superior construction and community management than condo conversions. The Pulte products at Golf Ridge, Crestview, and Stonebridge are some prime examples of this.
I don’t know how Artisan Park is affecting the market here. As far as I know, no one lives there and only a handful of businesses are open. If anyone has any news about Artisan Park, please make a comment.
In closing, there’s no distinct pattern in the market here other than the fact that there’s a lot more sellers than buyers and prices will have to decline until the market reaches a balance. Buyers looking at properties in the area need to plan on staying for a while and I would suggest staying away from the condo conversions.
related post: 2007 Sales Statistics for Stonebridge